Ok, first of all I do appreciate the feedback. I don't have anybody to talk to about this (esp my significant other as he must never find out about what I'm going to do or he'll kick me out!) because we handle our finances completely independent of each other. My outgoing expenses will total (should I get this $2500 loan) approx. $300 a month (total)!! Because (again) most of my bills will be GONE. That is why I'm saying I could save about $900 a month to get this loan paid offer sooner than a year. I know, I know I'm not the brightest bulb in the drawer but I just want to be free of this payday cycle I'm in. I'm retired (I would "work" but part-time jobs are NOT going to 63 yr old people in my area, the younger people get hired first) but I am always looking. If I could land a job for $9-10 an hour for four hours a day would help me financially (and mentally, I'm bored out of my mind with retirement and I have no money to travel, buy things..etc.) I am leaning towards doing this tomorrow but I also run the huge gamble of my car being in an accident (and I have an excellent driving record but one never knows).

Sun Jul 14, 2013 5:21 pm

coasterSenior Advisor

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I appended my post, apparently at the same time you were posting, with more relevant detail, and it's on the preceding page, so please go back and reread that.

~Tim~

Sun Jul 14, 2013 5:29 pm

LRobTedMember

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Tim - thank you!! I read your entire message and I have to admit I'm beginning to see the light as to what you're sharing with me. Honestly if something happened to my car I 'd not only still have to pay these people but I'd be "out" of transportation entirely. I mean if I got that part time job I would absolutely need a car as there are no "busses" to destinations where I live.

I think now that I see what you've spelled out, trying to reduce one payday advance a month might be the way to go. I was also thinking about getting my credit rating higher by paying off these bills (most are medical bills and some are almost a year old so my credit FICO score is now 479 which I know is horrible)...but I think I just have to swallow my pride and pay these bills incrementally (I have no medical insurance and still too young for Medicare).

Tim, thank you so much. I've never been good with finances (Obviously). But the more I think about this entire issue, now I'm more inclined to just forget it.

Anybody out there reading this, please try to avoid the Payday cycle. It really is hard to get out of and their rates are outrageous!!

Sun Jul 14, 2013 5:40 pm

oldguySenior Member

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quote: Maybe you don't quite get the predicament I am in because you have money.

Or - maybe I 'get' your predicament better than you do because I have money? I've been poorer than you are.

As for not finding work at age 63 - I'm 74, there are quite a few jobs for us old folks. Ttrucking terminals are looking for drivers - the young folks can't show a clean MVD report and can't pass the drug tests so olld folks are welcome. Every Fall I drive Grain trucks during Harvest, corn & soybeans. There are 18-wheeler jobs, gravel trucks, ready-mix trucks, school buses,small delivery vans, car parts delivery, and so on. Some pay $20 an hour, some are minimum wage. BTW, over half of school bus drivers are women - and they have a modified CDL (some requirements are waived).

Sun Jul 14, 2013 6:18 pm

coasterSenior Advisor

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"Incremental" is the only way any of us get on with life. We fix what we can, one thing at a time; hopefully over the long term things incrementally improve. Short-term pain gets long-term gain.

And thanks for the caution. Words spoken by someone who's "been there, done that" mean so much more.

The reason these payday and title people pose their ways as solutions is because they know that, statistically, most people fail to repay according to their terms and so they have to refinance and get caught in their cycle.

Best wishes, blessings and good luck to ya. With some reasonable combination of all three I think you're gonna make it.

~Tim~

Sun Jul 14, 2013 9:02 pm

coasterSenior Advisor

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quote:Originally posted by LRobTedI have no medical insurance and still too young for Medicare

If the Social Security check you're getting is for disability you can get Medicare at any age. If it's because you're in between 62 and 65 then if you cannot afford individual health insurance, under the Obamacare legislation there's supposed to be help of various kinds so that you can be covered (although Obama recently deferred some of the phase-in of the legislation; I don't know if that was part or not) but it might be worth looking into. Your Social Security office would be the first place to start.

You don't want to be without health insurance in your 60's.

~Tim~

Sun Jul 14, 2013 9:10 pm

WinoSenior Member

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LRobTed, I've read everything written so far. You have to first read the following sentence, and really think about it:

You cannot borrow money to get out of debt.

Did you listen to the advice to look up NFCC.org? These folks will help you work out a payment plan. The payday loan places are worse than vultures. At least vultures wait until something is dead before the gorge on it. The payday loan folks are one step below pond scum, because pond scum at least produces oxygen.

You need to follow Coaster's advice and get rid of the payday loans one by one. You're already behind on your other obligations, so another month shouldn't hurt too much. The problem you have now are the payday loans. Taking out another similar loan (the $2500 loan mentioned is even worse than your present predicament) will only make your situation worse.

You have shot down every other suggestion. You have a car. Get a job as a Wal-mart greeter. Another $200 per month would help you enormously. For some reason, you won't even consider making more, spending less, or selling anything. You need to make a hard decision, and you need to make it sooner rather than later.

Sun Jul 14, 2013 9:57 pm

LRobTedMember

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For "Wino" - first of all, appreciate your post but you don't know me at all to say I'm not trying hard enough. I have worked all my life since age 16. I've worked for some Fortune 500 companies over the years as an Exec Assistant supporting senior management (CEO, CFO, etc) and before getting laid off at age 59 at my last employer (due to company-wide reduction in force during the "crash" of 08-09) I was making $75,000 per year plus bonus. After getting the severance package and COBRA I sent out no less than 500 resumes (I kept a spreadsheet) and over two years, I had "four" in-person interviews (where they actually called and wanted to see me). As it turned out I did realize age discrimination was going on first-hand and after exhausting Cobra benefits, unemployment benefits and finally going through my savings, I had no choice but to file for early retirement once I turned 62. I AM still pursuing part-time work to supplement my social security income but in the area where I live, there are not that many jobs and the ones that pop up go to mostly all the younger than I am people!!! I can't control that. I've signed up with all the temp agencies, I have a stellar resume and quite frankly this has led to some deep deep depression on my part. And it is difficult to be retired and not have money to travel, go to lunches, even buy some new clothes. I'm not feeling sorry but I just never saw this coming. And then without medical insurance I did have some rather major medical issues, hence "bills" that I must deal with. It is one thing to tell me to swallow my pride and "Go be a Walmart Greeter" (by the way Walmart in our area did away with "greeters") because I would do it, but do not tell this writer that I have not tired because I have been trying my entire life!!!

Mon Jul 15, 2013 2:16 pm

oldguySenior Member

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quote: And then without medical insurance I did have some rather major medical issues, hence "bills" that I must deal with. It is one thing to tell me to swallow my pride and "Go be a Walmart Greeter" (by the way Walmart in our area did away with "greeters") because I would do it, but do not tell this writer that I have not tired because I have been trying my entire life!!!

Well, I'm not buying it. Your story just sounds like normal life experience that happens to all of us, one way or another. We've all been fired, we've all been out of work, anyone over 55 has probably had some serius medical bills, and so on. It has nothing to do with 'swallowing pride', it has to do with fixing your problems.

When you need a job, you don't answer only Exec Asst jobs, you take whatever job is available. You make it sound like a Walmart greeter would be beneath you? I see Help Wanted signs in many places - fast food, taxi drivers, retail shops.
And of course some jobs have age issues - and they should. Recognize that you should not apply for ballet dancer jobs, professional ice skater, etc - accept it, don't complain about it. Employers hire workers to get the work done, not to be PC - would you hire a 62-yr-old to be a lumber-jack?

Mon Jul 15, 2013 3:37 pm

LRobTedMember

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Older Guy - you are really starting to make me angry. Just last week I applied to be a "cashier" at a Truck Stop!@!@ So don't go on and on about nothing you know about me. I have GIVEN UP entirely on ever getting an office job again, they won't/don't want to hire older people. Period. And YES I have applied at various types of places of employment including Macy's, Penney's, Lowe's, Best Buy - all those places and more. I know a few people at a few of these places and they tell me that employers are afraid to hire older people because they may have "health" issues or if getting social security and don't like the job, can just walk off knowing they still have income. Other reasons pop up, too. I don't care what you're "not buying"....unless you're in MY SHOES in MY AREA there are very few opportunities open. I don't know where YOU live but when is the last time you tried getting a part time job unless you are a truck driver or lumber jack yourself? I'm a female, 63, 20lbs overweight but still have a very attractive appearance and trying as hard as I can. YOU, sir, are to stop insulting me. Have a nice day.

Mon Jul 15, 2013 3:54 pm

coasterSenior Advisor

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OK, guys, enough with the hard knocks. We are where we are right now, and while how we got here is relevant, let's remember that two individuals with exactly the same life experiences *and* having dealt with those experiences in exactly the same way can arrive at two very different results. There are just too many things not in our control. Let's let the past be the past and deal with what is possible going forward in as positive a way as circumstances allow.

The issues are the title loan and getting out from the payday borrowing cycle; let's stick with those.

~Tim~

Mon Jul 15, 2013 3:58 pm

oldguySenior Member

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Going forward - have you considered real estate? I took the classes and got my state real estate license.

The RE market in LA appears to be speeding up again, that might have money-making possibilities for you. I took night classes at a local brokerage - about 3 weeks, 3 nights a week, 3 hour classes. And then a 4 hours state examintion (it's available several times a year). The cost was around $500, then you hang your license with a local realtor. They don't "hire" you, you work for yourself, age doesn't matter, availability doesn't matter, you work as much or as little as you want to.

Houses in Irvine, etc, are moving in the $800,000 price range, the salesperson;s share of a commision is about 3% ($24,000) - two or 3 of those in a year would boost your current situation drastically.

Mon Jul 15, 2013 4:30 pm

coasterSenior Advisor

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Thanks ... that's an excellent idea.

~Tim~

Mon Jul 15, 2013 4:38 pm

LRobTedMember

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I've decided to take the car title loan

I feel overwhelmed with these loans every month. It is just too stressful. I've decided to get the loan and stick to a plan to get it paid off in six months, that way getting back the title to my car sooner than later.

I'm not very good at contracts, details so I hope the organization I'm going to deal with is reputable. I'm wondering if there is a way I can check on them, if many complaints? I'm hoping it is a standard contract with specific payment amount each month spelled out that I'm accountable for. I'd like them to deduct it right from my checking account, therefore, once I get my social security check, they are the first ones paid off the top. In meantime, I won't be having to pay off all the other guys and I can just worry about this one payment. If I save and am careful, I think I can get this paid off. YES I'll be paying a huge amount but honestly, this stress of owing this money, trying to stay on top of it, is killing me and I'm 63, I can't take it. It is "worth" the extra $2,000 I'll pay just to relieve myself of the stress. Someone said to watch out for "hidden fees" within the contract. I don't know what that means - you sign something to pay monthly and there should be no other fees if I pay on time. I was warned if I missed ONE Day they come and repossess your car. My social security is guaranteed, always deposited, so their money will be there. I don't have any relatives or anybody else to turn to, so this is what I'm going to do. Wish me luck and thanks for your advice!

Tue Jul 16, 2013 3:56 am

coasterSenior Advisor

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Sigh.......

Honestly, the worst possible thing you can do is give them your bank account number and authorize them to debit your account directly.

Absolutely, positively, no ifs and or buts .... the WORST possible thing. And I'm not saying that because I don't think they're reputable; I'm saying that because it's true regardless.

You can check the Better Business Bureau website for your area. Just plug in the name of the company to their compaint checker.